Schedule a Call Back
Unimech Aerospace and Manufacturing files draft papers for Rs 5 billion IPO
Industry News- Aug 21,24
The IPO is priced at Rs 5 per equity share and includes a fresh issue of shares worth up to Rs 2.5 billion, along with an offer for sale of shares worth up to Rs 2.5 billion by the Promoter and Promoter Group Selling Shareholders.
Bengaluru-based Unimech Aerospace and Manufacturing Limited, a leader in high-precision engineering solutions for the aerospace, defense, energy, and semiconductor sectors, has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise Rs 5 billion through an initial public offering (IPO).
The IPO is priced at Rs 5 per equity share and includes a fresh issue of shares worth up to Rs 2.5 billion, along with an offer for sale of shares worth up to Rs 2.5 billion by the Promoter and Promoter Group Selling Shareholders. Additionally, a reserved portion is included for eligible employee subscriptions.
The offer for sale will see equity shares offloaded by several shareholders: Rs 450 million each by Ramakrishna Kamojhala, Mani P, and Rajanikanth Balaraman; Rs 300 million by Preetham S V; and Rs 850 million by Rasmi Anil Kumar.
The funds raised from the fresh issue will be utilized as follows:
- Rs 325 million for capital expenditure on machinery and equipment for expansion.
- Rs 252 million for working capital needs.
- Rs 439 million for additional capital expenditure on machinery and equipment.
- Rs 447 million for further working capital requirements.
- Rs 400 million for the repayment or prepayment of certain borrowings.
- The remainder for general corporate purposes.
Recently, Unimech Aerospace secured Rs 2.5 billion from investors like Steadview Capital Mauritius Ltd, ValueQuest, and Evolvence through private placement financing.
The IPO will follow a book-building process, with 50% of the net offer reserved for qualified institutional buyers on a proportionate basis, at least 15% for non-institutional bidders, and no less than 35% for retail individual investors.
(Mint)
Related Stories
Aerospace Defence
Make in India incentivising entrepreneurs: Agnishwar Jayaprakash
Sustainability also extends to the way India handles its raw materials. For instance, India’s mining industry plays a vital role in supplying essential resources to manufacturing, but it is also u..
Read moreAerospace Defence
NIBE Ltd opens missiles and precision machining complex in Maharashtra
The newly launched facility in Pune (Maharashtra) is equipped with advanced Vertical Machining Centres (VMCs) with Computer Numerical Control (CNC), such as the Kairos V5 16000, and the BMV 50 and 6..
Read moreAerospace Defence
Forging India's path to manufacturing excellence
Globally, India is considered one of the major forging production hubs.
Read moreRelated Products
Troop Comforts revolutionises military gear with indigenous innovations
Aerospace & Defence
Troop Comforts Ltd (TCL), a state-owned defence corporation, has recently received a request for proposal (RFP) from the Northern Command of the Indian Army for its indigenously developed military gea Read more
latest News
Subscribe to iNoW
For Industry News on WhatsApp, Give a Miss Call on: +91 84228 74016
